Members of the Glazer family are exploring the possibility of selling at least some of their shares in Manchester United. But to whom?
When the Glazers listed United for sale in 2023, no one came close to matching their £6bn valuation.
In the end, they opted to realise some of the value of their ‘investment’, if you can describe a leveraged buyout as that, by selling a minority stake and handing over day-to-day operational control to British chemicals billionaire Sir Jim Ratcliffe.
There have been peaks and troughs ever since, but United have been in a peak since Michael Carrick took over Ruben Amorim in January, ultimately delivering Champions League qualification and some much-needed financial relief for Ratcliffe.
The Glazers have been supporting characters in the Ratcliffe era, letting the Ineos head honcho absorb the stick from the terraces when the ownership gets it wrong, though also the credit when they get it right.
Bloomberg reports members of the Glazer family are considering selling up: What are your thoughts?
Do you have any faith this could be a full sale, or are we looking at a gradual share sell-off?
Man Utd ownership latest
Behind the scenes, there were two big pieces of news last week. The first was that United are holding talks about refinancing a chunk of debt worth about $425m ahead of a June 2027 repayment date. The second was that the Glazers are considering a sale of some sort. The two are linked.
Malcolm Glazer, who later left the club to his six children, paid for his 2005 takeover of Man United almost entirely with debt, with interest payments then subsequently deducted from the club’s revenues. It is that debt, rolled over several times, which United are refinancing.
Interest payments will soar after June 2027, with another, even bigger refinancing juncture set for the same month in 2029. Add in a new stadium and United could be spending £100m in interest alone each and every season.
Is it possible that some of the Glazers want to at least partially divest now because they anticipate that further funding could be required in the future? And if there is a sale, who would take a minority position in a club which is not profitable and of which Ratcliffe is commander in chief?
Speaking exclusively to United in Focus, Professor Kieran Maguire, a football finance expert, explains that now would be a good time to cash out, while the market remains positive.
He also suggests that the Glazers could even convert and sell their shares on the New York Stock Exchange to retail investors, i.e., you or me, if we have the money, rather than as a private transaction between billionaires.
“It’s easy money for the Glazer siblings,” says the Price of Football podcast host.
“I’m hearing a lot of conflicting views about this. We know Joel and Avram are fairly wedded to United but the other four are indifferent at best.
“But given the increase in the share price of United, it’s a good time to sell. The market sentiment towards United is positive.
“Personally, I’m not sure that they have interpreted the market correctly, but that’s their call. The share price at the moment is $22. That’s a substantial increase over the calendar year to date of 39 per cent. But the market, in my view, is being artificially boosted by AI stocks. Retail is taking an absolute hammering.
“But if you wanted to raise some cash on the public markets, it would be a good time to cash in. A minority sale by some of the Glazer siblings will get them a good return.”
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